8 Reasons NOT to Buy a Business
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- Опубліковано 26 кві 2022
- Learn how to buy an already-successful and profitable business even in the covid-recession www.BusinessBuyerAdvantage.com
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Brian says I inspired him to get started to buy a business. Was I pumping SME ownership too hard?
Of course, I start out with one about being lazy.
But there are many more problems that I’ve seen over the years.
Egos can be a problem, but so can altruism and trying to save the world.
Learn more in this week’s video: • 8 Reasons NOT to Buy a...
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Don't buy a business if you are:
1. Lazy;
2. Not ready for responsibility;
3. Not targeting profit (goal misalignment);
4. You are desperate for cash;
5. Short of capital;
6. Ignorant of the business or industry;
7. Driven by metrics (eg ego) rather than profit;
8. Able enjoy the advantages of ownership, without being the owner..
4&5 are similar; 3&7 can be combined.
Re 6, a major advantage of buying a business is to be able to enter another industry, with much reduced risk. So I am not sure if this should be a show stopper.
At the end of the day, action is what matters. So get out there, and just do it! Just be ready to solve the problems that come along, and on to the next set of problems..
And David, really appreciate your channel. Lots of good, sound advice, even if I agree only 99% of the time.. 🤪🤣🤭
Thanks Richard! It's hard to think of reasons not to buy a business. It's such a good move!
Great info!
This what happened to me. Took your course and learned a ton! Concluded buying a biz at this stage of my life is not a good fit for me. So it was a success for me! Still enjoy learning from you!
I'd also say that's a win.
David is a great advisor. I talked to him a couple times about whether to start a business. It became clear that starting a business was not for me. It's better to pay for some consulting rather than getting into something that doesn't serve you.
Thanks for the great review! Anyone else wanna chat? www.CallDavidBarnett.com
Grateful to have found your channel David.
Welcome aboard!
Seeing honest education and concern for the influence you have in people shows great character and transparency. And builds trust ;) well done
Thanks man. I appreciate the kind words.
Thanks David. Great insights for everyone to consider to check that they are doing it for the right reasons. I decided to scale back my plans after I did your Business Buyer Advantage course. That was an extremely valuable lesson. I am about to launch a small business that will suit me far better. Thank you for your continued good, commonsense advice.
Glad it was helpful! Not doing a bad deal or avoiding a good deal that will set you back are two successful outcomes for that program, not just doing a deal.
People often ask me the 'success rate' of the program meaning how many students buy a business, but your outcome is just as much a success.
www.BusinessBuyerAdvantage.com Thanks for sharing Victor.
Your buyer advantage program is amazing.
Thanks James. Everyone should check it out over at www.BusinessBuyerAdvantage.com
Thanks for the video.
You are welcome!
great advised thanks
You bet!
Great video David. By the way, you look for man! Congratulations! Keep it up
I mean, you look fit man!
I appreciate that! At 46, I'm now in the best shape of my life.
Great Video.
Glad you enjoyed it
Talk more about the ownership without owning. Is that maybe consulting for a percentage of profits or something, like thor olav trøim did with john fredriksen*it seems)
Love it
Thanks Nico.
Liked 👍 Thanks
Since covid19 majority of struggling businesses are selling
The ones that truly struggled have closed.
What if you get experienced partners and equity partners. Can you then be broke and do it? I mean if there is enough meat in the deal to feed u all so say 1 mill real cash flow and up?
Still better than the 9-5. Sure theres work but which would rather do. Do work 40 hours a week a recieve lower pay. Or work a few hours a week and get way more for your money. I think id rather pick the latter. Its kind of like pick your poison.
Totally. I just want people to be informed about the poisons.
When do you have to share your financials with a new broker? I am uncomfortable with sharing that information as a condition of executing an NDA. What am I missing?
Great question. Watch for this in an upcoming video.
Investing isn't for lazy people either. There is a lot of work involved in picking companies to invest in.
I agree.
Core business skills: accounting, analyzing marketing opportunities, and managing people. Someone could start out with a mild deficit in one. If you really can't do two of them much, a business is not for you.
Good insights. To run a business, you need business skills.
I didn’t have any of those skills except vision and opportunity and I’ve boot strapped my business to cross the million mark I hired out accounting and management. I really like This channel because it provides real core business principles but it lacks what entrepreneurs are all about dreaming and taking risks imagine if I would have listened to people like you and many did tell me not to start my business but it’s been the best decision I’ve ever made. This isn’t basketball I can’t be 6’9 like lebron James but I CAN improve my people skills, I can improve my pricing and accounting skills as I go or Hire out. Jeff Bezos didn’t do everything himself he hired the best talent to create his vision.
Jeff Bezos was a sophisticated Wall Street financier for several years at two different companies prior to Amazon, and a junior manager. That was time enough to test and improve his interpersonal and accounting skills.
I am not saying you need a degree in business. I am saying you have to be able to perform the functions. There are several ways to learn. having some successes and making a few mistakes at a prior job is not a bad way if you get broad experience. David C. Barnett is helping, too!
@@lewisburton1852 I am not saying you need a business degree, or even a college degree. You may be able to outsource the accounting, but outsourcing the interpretation of financial information will leave the CEO unable to render good decisions.
@@stevengreidinger8295 I just don’t agree with people that say you MUST be good at certain things before taking the plunge into entrepreneurship I know Illiterate business owners who run successful restaurant operations they are in the trenches day in and day out learning and pivoting as they go instead of always preaching business theory sitting at a desk looking at excel spreadsheets all day.
8 reasons "not to" you finally gave in to the bad economy lol
Hey, I'm trying to be fair and balanced... Like Fox News. ;)
seems like you have disdain for people trying to get a free ride in business
No. I just know that getting a 'free ride' is incredibly difficult and I've seen people waste years of their life trying to pull off 'free rides' when, if they had just gotten to work, they'd be much further ahead.
"Nobody works harder than a lazy person." -ancient proverb from a person I'm too lazy to look up.